Author Topic: Coronavirus Stimulus Aid Package  (Read 48883 times)

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #525 on: December 21, 2020, 01:34:49 AM »
Higher education compromise: The legislation includes a bipartisan agreement to forgive nearly $1.3 billion in federal loans to historically Black colleges and universities, deliver Pell grants to incarcerated students after a 26-year ban and simplify financial aid forms
Why specifically Blacks? Sounds racist to me?

Offline Mordyk

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Re: Coronavirus Stimulus Aid Package
« Reply #526 on: December 21, 2020, 01:38:18 AM »
Why specifically Blacks? Sounds racist to me?
If it would be to whites, it would be racist, since it's to blacks it's pro race.  #2020 ::)

Offline TBD

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Re: Coronavirus Stimulus Aid Package
« Reply #527 on: December 21, 2020, 01:38:42 AM »
Why specifically Blacks? Sounds racist to me?
Now you are racist........ :'(

Offline AsherO

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Re: Coronavirus Stimulus Aid Package
« Reply #528 on: December 21, 2020, 08:17:48 AM »
We have a Harris (BERNIE/AOC) administration coming

1. Did the Bernie/AOC camp specifically discuss forgiving EIDL loans? Or just a guess based on their general tendencies?
2. I think itís yet to be determined how much influence AOC/Sanders will have on the Biden administration so long as heís in power. It isnít clear to me who exactly will be pulling the strings though I find it hard to believe that Biden will be calling the shots.

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #529 on: December 21, 2020, 08:46:10 AM »
What about the opposite?
I think there will be a lot of people with higher 'income' due to receiving $600 unemployment which was higher than their usual wages.
Will they also be able to use 2019 to lower their income, so they will get more eic?
Maybe I'm not understanding your question, but that's exactly what the bill does. It let's you use 2019 income to calculate your EITC and CTC for the 2020 tax year- usually you have to use that year's income to calculate that year's credit.

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #530 on: December 21, 2020, 09:20:30 AM »
Maybe I'm not understanding your question, but that's exactly what the bill does. It let's you use 2019 income to calculate your EITC and CTC for the 2020 tax year- usually you have to use that year's income to calculate that year's credit.
I haven't found a specific bill about all this. The HEROES bill was introduced in May but never passed. This does not seem to be that. Does this bill have some new name that I can look up on the Congress website?

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #531 on: December 21, 2020, 09:36:52 AM »
I haven't found a specific bill about all this. The HEROES bill was introduced in May but never passed. This does not seem to be that. Does this bill have some new name that I can look up on the Congress website?
You'll need to wait for it to be introduced on the floor for the full be to be on the website. For now both republicans and democrats have put out a summary. I'll try posting links soon.

Offline Deal Guy

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Re: Coronavirus Stimulus Aid Package
« Reply #532 on: December 21, 2020, 11:17:37 AM »
Maybe I'm not understanding your question, but that's exactly what the bill does. It let's you use 2019 income to calculate your EITC and CTC for the 2020 tax year- usually you have to use that year's income to calculate that year's credit.
My understanding is, for example, a family with 2 kids, gets more Eic and child tax credit,  if they earned 12-24k vs if they earned only 10k.
So this year a low income person that normally earns 20k, only earned 8k due to covid. They would now only be getting Eic and ctc based on 8k. Therefore the bill says, we will let you use your higher income of 20k from last year, to get more eic and ctc.

What I'm asking regarding EIC is the opposite.
This person that only earned 8k this year, also got 25k in unemployment money. Hence their taxable income is 33k. Therefore eic looks at them as if they aren't so low income, since once your total income goes above 24k, your eic starts to go down.
So this person would benefit using 2019 earned income for the Eic vs 2020, to lower their total income.

Can they?
« Last Edit: December 21, 2020, 11:21:01 AM by Deal Guy »

Offline stv17

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Re: Coronavirus Stimulus Aid Package
« Reply #533 on: December 21, 2020, 11:32:40 AM »
If a family has a newborn baby. Does the new baby get added on to the stimulus distribution amount?

Offline Mordyk

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Re: Coronavirus Stimulus Aid Package
« Reply #534 on: December 21, 2020, 11:33:55 AM »
If a family has a newborn baby. Does the new baby get added on to the stimulus distribution amount?
yes, but not now. On the 2020 tax return it will be calculated

Offline stv17

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Re: Coronavirus Stimulus Aid Package
« Reply #535 on: December 21, 2020, 12:04:16 PM »
yes, but not now. On the 2020 tax return it will be calculated

Can u explain? will i get a deduction on my tax return amount of $500?
TY

Offline iluv2travel

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Re: Coronavirus Stimulus Aid Package
« Reply #536 on: December 21, 2020, 12:33:29 PM »
Can u explain? will i get a deduction on my tax return amount of $500?
TY

You will get a tax credit on the 2020 return

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #537 on: December 21, 2020, 12:55:59 PM »
My understanding is, for example, a family with 2 kids, gets more Eic and child tax credit,  if they earned 12-24k vs if they earned only 10k.
So this year a low income person that normally earns 20k, only earned 8k due to covid. They would now only be getting Eic and ctc based on 8k. Therefore the bill says, we will let you use your higher income of 20k from last year, to get more eic and ctc.

What I'm asking regarding EIC is the opposite.
This person that only earned 8k this year, also got 25k in unemployment money. Hence their taxable income is 33k. Therefore eic looks at them as if they aren't so low income, since once your total income goes above 24k, your eic starts to go down.
So this person would benefit using 2019 earned income for the Eic vs 2020, to lower their total income.

Can they?

Got it now.
You're asking if it only works if 2020 income is less than 2019 income, or if they'll allow it if 2020 income is greater (and potentially disqualifying) than 2019 income.
Need to wait for the bill text to answer that question...

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #538 on: December 21, 2020, 01:31:17 PM »
yes, but not now. On the 2020 tax return it will be calculated
Must have SSN issued by due date of return.

Offline Flatbush

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Re: Coronavirus Stimulus Aid Package
« Reply #539 on: December 21, 2020, 01:36:23 PM »
Does anyone know if the unemployment bonus in this bill will be retroactive as it was last time?